VA Reduces Funding Fee Rates

Effective April 7, 2023, the U.S. Department of Veteran’s Affairs announced reduced funding fee rates for purchase loans! With a down payment of five percent or more, veterans and service members may be eligible for this reduced fee.

A funding fee is a one-time payment that buyers pay on a VA-backed or VA direct home loan. This fee can be paid off over time with the life of the loan, or it can be paid all at once at the time of closing.

With the update, veterans or service members can feel more at ease in their home-buying endeavors. If you have any questions about this update, reach out to one of our loan officers. They’d love to answer any questions you might have!